Tennessee Code 42-5-115 – Bond issues – Notes – Financing acquisition costs and improvements
Terms Used In Tennessee Code 42-5-115
- Air navigation facility: means any facility, other than one owned and operated by the United States, used in, available for use in, or designed for use in, aid of air navigation, including any structures, mechanisms, lights, beacons, markers, communicating systems, or other instrumentalities, or devices used or useful as an aid, or constituting an advantage or convenience, to the safe taking off, navigation, and landing of aircraft, or the safe and efficient operation or maintenance of an airport, and combination of any or all of such facilities. See Tennessee Code 42-5-102
- Airport: means any area of land or water that is used, or intended for use, for the landing and take-off of aircraft, and any appurtenant areas that are used, or intended for use, for airport buildings or other airport facilities or avigation easements, or rights-of-way, together with all airport buildings and facilities located thereon. See Tennessee Code 42-5-102
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Municipality: means any county, incorporated city, or incorporated town of this state. See Tennessee Code 42-5-102
The cost of planning, acquiring, establishing, developing, constructing, enlarging, improving, maintaining or equipping an airport or air navigation facility, or the site therefor, including buildings, structures and other facilities incidental to the operation thereof or relating thereto, the acquisition of avigation easements, and the acquisition or elimination of airport hazards, may be paid for wholly or partly from the proceeds of the sale of bonds or other obligations of the municipality, as the governing body of the municipality shall determine. The bonds or other obligations may be issued by a county in accordance with title 5, chapter 11 [repealed] and by an incorporated city or incorporated town in accordance with title 7, chapter 36 [repealed]; provided, that any landing fees, concession fees, rents, charges, or any other revenues derived from the operation of an airport, pledged as security for the bonds, that are fixed and established by the provisions of a lease or contract, shall not be subject to revision or change during the term of such lease or contract except in the manner provided in the lease or contract.